Buy Presidential Dollar Coins with CC @ Face Value, Free Shipping
Sep 24, 2009, 2:18 pm
#4666
Join Date: Jul 2004
Location: Lodi, CA
Posts: 592
In a way, I am glad to see it becoming more and more difficult to do large amounts of dollar deposits. As a taxpayer, I don't like the mint spending millions of dollars on UPS overnight just for people to deposit the coins in a bank and have the bank send the coins back to the fed. Also, with all the bailout money that has gone to the banks I hate to see them spending a lot of money to send coins back to the fed.
The real losers in this game is the American public.
The real losers in this game is the American public.
The maximum that I have ever deposited in a bank is $2000. I just feel so bad for the bank and it somehow does not seem fair to them. Any way I know I am a chicken and no matter how much you justify, I cannot do that. Sorry
Sep 24, 2009, 2:26 pm
#4667
Join Date: Mar 2007
Location: California, SMF
Programs: UA, AA, AS, DL, BA, HA, WN, SPG-PL, Hyatt-Dia, HH-Dia, Marr-Pl, US Mint/VR(retired)
Posts: 945
Now that the year-end bonus and holiday season approaches...
I'm thinking about a box or 2 of coins for employee bonuses and Christmas gifts to our adult childern. We usually have done Amex gift cards for both.
They even have gift boxes at the mint...
Also, more fun to open than an envelope!
I'm thinking about a box or 2 of coins for employee bonuses and Christmas gifts to our adult childern. We usually have done Amex gift cards for both.
They even have gift boxes at the mint...
Also, more fun to open than an envelope!
Sep 24, 2009, 2:39 pm
#4668
FlyerTalk Evangelist
Join Date: Sep 2002
Location: Between AUS, EWR, and YTO In a little twisty maze of airline seats, all alike.. but I wanna go home with the armadillo
Programs: CO, NW, & UA forum moderator emeritus
Posts: 35,432
In a way, I am glad to see it becoming more and more difficult to do large amounts of dollar deposits. As a taxpayer, I don't like the mint spending millions of dollars on UPS overnight just for people to deposit the coins in a bank and have the bank send the coins back to the fed. Also, with all the bailout money that has gone to the banks I hate to see them spending a lot of money to send coins back to the fed.
The real losers in this game is the American public.
The real losers in this game is the American public.
Sep 24, 2009, 2:55 pm
#4669
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
In a way, I am glad to see it becoming more and more difficult to do large amounts of dollar deposits. As a taxpayer, I don't like the mint spending millions of dollars on UPS overnight just for people to deposit the coins in a bank and have the bank send the coins back to the fed. Also, with all the bailout money that has gone to the banks I hate to see them spending a lot of money to send coins back to the fed.
The real losers in this game is the American public.
The real losers in this game is the American public.
When they "sell" the coins to FTers they go into circulation as "new money". Even if they paid $75 per case for overnight shipping (which we assume they don't) that would work out to a gross "profit" of $1925.00 per $2500 in coin sales for the government.
UPS and USPS makes out with shipments that they would not have had. Bank's credit card divisions make money off of the 1-3% spread on the credit card tansaction fees. FTers banks make money off of the deposits because they have the money on account for a few days and we know most of them do not pay interest.
USP drivers and bank tellers get to keep thier jobs and spend thier pay checks in our communities. Airlines get a boost because they sell FF miles to the banks and get upfront money. FTers book the seats that would have been empty anyways.
If you are or are not a taxpayer has nothing to do with it. Some FTers on this thread have voiced that they feel that it is thier patriotic duty to help the US Mint with their sales. It is a good deal all around, nobody gets hurt, financialy or otherwise. And that armored car is going to the bank anyways, it is not like they are making a special trip just for your deposit.
I took another $18k today to a credit union that I have an account with and they said no problem, bring as many as you want. The small $250 boxes were all consolidated into $4500/box. The credit union teller even went out to my car and unloaded them from the trunk for me.
On a side note: several people have posted the term "send them back to the Fed", but this is inaccurate information. The whole reason we are able to order the coins is that the Fed is refusing to order them from the US Mint. These coins were never in circulation, therefore they were never at the Fed in the first place. (for newbies "the Fed" = The Federal Reserve Bank)
Sep 24, 2009, 2:57 pm
#4670
Moderator: Alaska Mileage Plan
Join Date: Feb 2005
Posts: 12,318
The Fed is profitable and returns its yearly profit to the U.S. Treasury. All of the money center banks are profitable.
To date, the U.S. government has earned about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout. Overall, the government's return on investment amounts to a 15 percent annual profit.
Sep 24, 2009, 3:03 pm
#4671
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
Just to be clear:
The Fed is profitable and returns its yearly profit to the U.S. Treasury. All of the money center banks are profitable.
To date, the U.S. government has earned about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout. Overall, the government's return on investment amounts to a 15 percent annual profit.
The Fed is profitable and returns its yearly profit to the U.S. Treasury. All of the money center banks are profitable.
To date, the U.S. government has earned about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout. Overall, the government's return on investment amounts to a 15 percent annual profit.
Sep 24, 2009, 3:05 pm
#4672
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
I agree with you and I have been doing both AA and SPG with personal and business cards.
Sep 24, 2009, 3:08 pm
#4673
Moderator: Alaska Mileage Plan
Join Date: Feb 2005
Posts: 12,318
Since a credit union is a non-profit institution that is owned and operated entirely by its members, I personally wouldn't drop $18K in coins on it. The associated transport expense is a cost paid by all of its members. YMMV.
Sep 24, 2009, 3:27 pm
#4674
Join Date: Mar 2007
Location: California, SMF
Programs: UA, AA, AS, DL, BA, HA, WN, SPG-PL, Hyatt-Dia, HH-Dia, Marr-Pl, US Mint/VR(retired)
Posts: 945
Presidential $1 Coins make the perfect treat for Halloween...make sure to stock up now!
http://www.usmint.gov/rss/Presidenti...flash=yes&ID=2
Presidential $1 Coins on the Prowl
Looking for a healthy, nourishing, and much appreciated treat to give out to all the little gobblins on Halloween? Well the Presidential $1 Coins make a fantastic handout that will make you the most popular haunted house on the block. So go to your bank or financial institution and load up on glittering Presidential $1 Coins and give all the little tricksters a fa-boo-lous treat!
http://www.usmint.gov/rss/Presidenti...flash=yes&ID=2
Presidential $1 Coins on the Prowl
Looking for a healthy, nourishing, and much appreciated treat to give out to all the little gobblins on Halloween? Well the Presidential $1 Coins make a fantastic handout that will make you the most popular haunted house on the block. So go to your bank or financial institution and load up on glittering Presidential $1 Coins and give all the little tricksters a fa-boo-lous treat!
Sep 24, 2009, 3:30 pm
#4675
Join Date: May 2009
Location: USA
Programs: UAL 1MM, Marriott Plat, Hyatt Globalist, AA 3MM
Posts: 831
Don't confuse this with being a charity.
Last edited by mrpickles; Sep 24, 2009 at 3:36 pm
Sep 24, 2009, 3:37 pm
#4676
Original Member
Join Date: May 1998
Posts: 1,139
The patriotic duty aspect comes from the fact that once a sufficient quantity of coins are produced by the mint and in the possession of the Fed, the infrastructure will be in place for the government to greatly reduce the production of the dollar bill. This will save taxpayers a literal fortune - the math is well documented (a dollar coin lasts far, far longer than a dollar bill). With sufficient notice, there will be few losers once this occurs. The farmland used to grow the cotton that is used in the production of the dollar bills can be used for equally profitable crops.
Sep 24, 2009, 3:41 pm
#4677
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763
It is not mandated that it goes into a retirement account. It goes into a "mySmartCash" account, which is essentially like a holding account for your money until you decide how to invest it. Once my bonus hits the account, I just ACH it out of there into my Ally Bank account. I'm not sure about the foreign exchange fees, nor do I care, since I don't really travel out of the country for anything. Schwab might be better for some because it's a VISA card, but I rarely, if ever run into problems with AmEx being accepted.
AMEX is not accepted by State Farm and AT&T for paying their bills, in our day-to-day life. AMEX is not accepted in many businesses in Canada, as well as in Europe in our trips. So Visa is a more suitable option as much as I dont really like Schwab.
Sep 24, 2009, 3:42 pm
#4678
Join Date: Oct 2007
Location: USA
Programs: WN,DL,BA
Posts: 619
anybody have any luck taking them to casino and dumping them there?
Sep 24, 2009, 3:48 pm
#4679
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763
Yes, they can refuse to take your coins as a deposit, legal tender has no bearing here when it is up to the financial institutions to decide which FORMs of legal tender they will accept as deposits.
Sep 24, 2009, 3:49 pm
#4680
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,763